Cramer predicts Wynn Resorts will report solid quarter, driven by Chinese demand

Published Tue, May 9 202311:46 AM EDT

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Tuesday's key moments. Debt ceiling weighs on stocks Wynn Resorts reports Watch Palo Alto 1. Debt ceiling weighs on stocks Stocks trended lower Tuesday ahead of a meeting later in the day between President Biden and House Speaker Kevin McCarthy over the ongoing debt-ceiling crisis. If a deal is not reached to raise the U.S. government's borrowing limit, it could default on its debt obligations as early as June 1. The market also continued to be dragged down by ongoing concerns over the health of regional banks. Jim Cramer said Monday that if investors are seeking strong bank names, Club holdings Morgan Stanley (MS) and Wells Fargo (WFC) are the stocks to own. The S & P 500 and the Nasdaq Composite were down 0.3% and 0.5%, respectively, in midmorning trading. Oil prices fell after gaining more than 7% in the prior two sessions, with West Texas Intermediate crude trading at around $72 a barrel. 2. Wynn Resorts reports Casino operator Wynn Resorts (WYNN) is set to report first-quarter earnings after the closing bell Tuesday. Jim predicted the company will deliver a solid quarter, driven by the rebound in consumer activity in Chinese gambling hub Macao. The casino giant operates two properties in the special administrative region, which had generated roughly 75% of the company's total profits pre-Covid-19. Wynn is also expected to show ongoing strength in key markets like Las Vegas and Boston. Shares of Wynn, which have gained 35% year-to-date amid China's economic reopening, were trading down more than 1% Tuesday, at around $111 apiece. 3. Watch Palo Alto Software company Palantir Technologies (PLTR) delivered a first-quarter beat Monday, while raising its full-year guidance. The strong results bode well for club holding Palo Alto Networks (PANW), a leader in cybersecurity. That's a crucial area of information technology spending for enterprise companies, which are likely to increase their cybersecurity budgets over the long term. Shares of Palo Alto — set to report quarterly results on May 23 — were up 2.75% Tuesday, at nearly $197 apiece. (Jim Cramer's Charitable Trust is long MS, WFC, WYNN, PANW. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.